The Internet of Things is an awkward way of describing a process that is changing the… more

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What it means is that a network of sensors is connected to the Internet through either Wi-Fi or Ethernet and usually connected to the cloud. The connection of these sensors helps to alert various components as to what is happening so a specific action can be taken.

Numerous applications across industries

There are many applications. In health care, for instance, sensors can monitor heart rates for people who are susceptible to problems. If a heart rate or other vital signs fluctuate outside of accepted parameters, signals can be sent to medical professionals who can monitor remotely. They could either call the patient, or, if needed, alert EMTs or ambulance services.

This can save costs and dramatically increase patient care. Wearable technologies like bracelets, shoe sensors and more help to monitor exercise, heart rate, perspiration and other biological signals to help healthy people optimize their lives.

In business, there are a variety of uses. In a recent interview I had with Steve Brumer of Atlanta-based 151Advisors, he discussed how retail operations are using IoT to monitor and control inventory levels, measure peak times of traffic, connect with RFID (radio frequency identifiers), monitor remote alarms and more. This can represent a huge cost savings, and increase sales when timed right.

IoT also plays a major role in predictive failure. This consists of sensors linked to sensitive equipment to detect early signs of material fatigue, before the systems reach a critical stage. Imagine knowing before a pipe would burst that it has reached a critical threshold and needs to be replaced. Imagine knowing that materials in a roof, a bridge or other infrastructure have passed a sensitive point and need to be repaired in ample time before damage or loss is incurred.

Transportation and logistics hold a lot of uses for IoT. The same benefits that apply to maintenance of physical objects will apply to vehicles. Fleet managers will be able to know in advance when certain components on trucks and cars will need maintenance. Fleet operators are already using IoT for tracking the location of vehicles. This helps with safety, security and a more efficient operation.

Supply chain management can be greatly enhanced through the use of IoT, too. Long delays can be anticipated in advance and outsourced to other suppliers. Peak demands can be anticipated so that adequate reserves are built up before a major demand. If done properly, grocery stores will have a better chance of adequately supplying resources that customers will need before major weather disruptions.

Potential challenges

Privacy concerns are growing in an ever-more connected world. Do you want just anyone to know where you are? What role does privacy have in this? What if your data falls into the wrong hands? These are issues that are bubbling to the surface now and will only grow in the future.

But throughout history, technology has always presented opportunities and dangers. Think back to when locomotives appeared, and able to travel faster than horses. Accidents happened and there were tragedies. We will probably have accidents in the future with the IoT. However, that does not mean we should avoid this new technology. We need to understand the technology, know its benefits, understand the dangers and take the necessary steps for safety.

IoT is changing our world. Look into what it can do to help you and your business. Welcome to the 21st-century!

Watch this video with Steve Brumer as he talks about how to sell more not only with IoT, but with any product.

Terry Brock gives real-world, practical tips on how to generate revenue and increase productivity. He works with businesses from sole proprietors to Fortune 10 companies, teaching them how to use social media, technology and plain ol' stuff that works. He's the co-author of the best-seller “Klout Matters” on social media. Brock is an international Speaker Hall of Fame member and sports a very good haircut! You can reach him at 407-363-0505 or TerryBrock.com. Catch his latest TEDx talk at bit.ly/1MeRzt4